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It’s no secret that Instagram’s Stories feature is steadily eating into Snapchat’s market share. Now, reports have emerged that Snapchat founder Evan Spiegel is selling off some of his shares.

Barely nine months ago Snapchat made its debut with an IPO that valued the company at roughly $30 billion. Now the company is worth about half that, with shares falling to an all-time low of just less than $13 each.

Still, Evan Spiegel believes in his product that, by the way, still has him valued at over $1 billion. The fact that he sold $20.5 million worth of his shares on November 9 certainly doesn’t mean he’s cashing out.

According to TechCrunch, Spiegel owns over 200 million shares, split between class A, B, and C categories, making his sale in early November less than 1 percent of his total stake in the company.

And while the value of his shares has fallen to a third of what they were worth on the day of Snapchat’s IPO, Spiegel has plans to turn things around. Snapchat aims to embrace social media influencers rather than shun them, which has previously been the case, while also accelerating adoption of its product among Android users. Part of that is focusing on users outside of first-world countries as well as working harder to attract users above the age of 34.

Only time will tell if Spiegel and co. can turn it around, however, him selling some of his shares is by no means an indication that he has given up.

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